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A Large-Market Rational Expectations Equilibrium Model

Vives, Xavier - CESifo - 2011

This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes associated with fully revealing rational expectations...

Persistent link: https://www.econbiz.de/10009144882

Measuring Agents' Reaction to Private and Public Information in Games with Strategic Complementarities

Cornand, Camille; Heinemann, Frank - CESifo - 2010

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing...

Persistent link: https://www.econbiz.de/10008572521

Monetary Policy with Diverse Private Expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - CESifo - 2015

We study the impact of diverse beliefs on conduct of monetary policy. We use a New Keynesian Model solved with a quadratic approximation. Aggregation renders the belief distribution an aggregate state variable. Diverse expectations change standard results about a smooth trade-off between...

Persistent link: https://www.econbiz.de/10011205380

Driven by the Discount Factor: Impact of Mergers on Market Performance in the Semiconductor Industry

Harris, Jeremiah; Siebert, Ralph - CESifo - 2015

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...

Persistent link: https://www.econbiz.de/10011163068

Expectations as Reference Points: Field Evidence from Experienced Subjects in a Competitive, High-Stakes Environment

Bartling, Björn; Brandes, Leif; Schunk, Daniel - CESifo - 2012

We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of...

Persistent link: https://www.econbiz.de/10010551016

The Design of Pension Pay Out Options when the Health Status during Retirement is Uncertain

Kifmann, Mathias - CESifo - 2008

This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump-sum payment and an annuity can be welfare-enhancing if the...

Persistent link: https://www.econbiz.de/10005765832

Optimal Liability Sharing and Court Errors: An Exploratory Analysis

Boyer, Marcel; Porrini, Donatella - CESifo - 2010

We focus in this paper on the effects of court errors on the optimal sharing of liability between firms and financiers, as an environmental policy instrument. Using a structural model of the interactions between firms, financial institutions, governments and courts we show, through numerical...

Persistent link: https://www.econbiz.de/10008572471

Asset Allocation and Monetary Policy: Evidence from the Eurozone

Hau, Harald; Lai, Sandy - CESifo - 2014

The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003-2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...

Persistent link: https://www.econbiz.de/10010948820

Competition in the Presence of Individual Demand Uncertainty

Möller, Marc; Watanabe, Makoto - CESifo - 2013

This paper sheds light on an empirical controversy about the effect of competition on price discrimination. We … shows that whether competition has a positive or negative effect on price dispersion depends on the level of demand …

Persistent link: https://www.econbiz.de/10010877946

A Simple Model of Health Insurance Competition

Kemnitz, Alexander - CESifo - 2010

This paper investigates competition between health insurance companies under different financing regulations. We … consider two alternatives advanced in recent German health care reform discussions: competition by contribution rates (health … contributions) and by fees (health premia). We find that contribution rate competition yields lower company profits and higher …

Persistent link: https://www.econbiz.de/10008727295

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